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Tiger Global backs Weavr with new funding for US launch
The financing will be used to launch a plug-and-play product in the US market, as well as consolidate Weavr's foothold in the UK and Europe.
London-based ‘plug-and-play’ financial infrastructure provider, Weavr, has closed a $40m Series A funding round, which the company claims will support its launch in the US and the further roll-out of its services across the UK and EU.
The funding round was led by renowned tech startup investor Tiger Global, and included participation from Mubadala Capital and LocalGlobe’s Latitude fund, as well as previous investors QED Investors, Anthemis and Seedcamp.
This latest round is Weavr’s third in 18 months, bringing the company’s overall funding to $55m.
“Weavr has a clear vision for delivering frictionless embedded financial solutions that allow clients to focus on their core business,” said Alex Cook, a partner at Tiger Global. “We are excited to partner with [them] as they embark on international expansion and continue to build the platform for developer-first financial services.”
A disruptor in the banking-as-a-service (BaaS) market, plug-and-play technology facilitates embedded, ‘out of the box’ finance solutions that allow clients to incorporate software into their services, without the need to invest in time-consuming and technically intensive integration processes.
Since introducing its embedded finance platform in late 2020, Weavr claims it has seen a fast adoption of its payments and banking solutions across a range of industries, and to bridge vendors in different geographies.
The company says its plug-and-play model removes the cost and burden of multiple vendor relationships, simplifies compliance, reduces integration timelines, and eases businesses’ journey to market.
“In the past, industry disruptors like Uber and Amazon had no choice but to build their finance integrations from the ground up, in what was a costly, complex and time-consuming process,” said Alex Mifsud, co-founder and CEO of Weavr. “[Our product] shortens the time to launch embedded financial solutions, from many months or years, down to weeks or even days, while eliminating the hassle of managing compliance and data security.”
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